Crude Oil Movement
Oil prices advanced 1.28% against the USD for the 24 hour period ending 23:00GMT, closing at 95.77, as investors speculated that steps by European leaders to tame its debt crisis and shrinking crude supplies in the US indicated that fuel demand may increase.
In the Asian session, at GMT0400, Crude Oil is trading at 95.55, 0.23% lower from yesterday’s close.
Crude oil is expected to find support at 93.82, and a fall through could take it to the next support level of 92.08. Crude oil is expected to find its first resistance at 96.70, and a rise through could take it to the next resistance level of 97.84.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
